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IRC Code Sections > Subtitle B 2001-2801 > Flashcards

Subtitle B 2001-2801 Flashcards

1
Q

Imposition of Tax (Gift)

A

2501

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2
Q

Rate of Tax (Gift)

A

2502

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3
Q

Taxable Gifts

A

2503

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4
Q

Is gift tax considered tax inclusive or exclusive?

A

Exclusive: Funds used to pay the tax are not included in calculating the tax base.

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5
Q

Is estate tax considered tax inclusive or exclusive?

A

Inclusive: Funds ultimately used to pay the tax are included in the tax base and must come from after-tax dollars.

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6
Q

Taxable Gifts for Preceding Calendar Years

A

2504

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7
Q

Unified Credit Against Gift Tax

A

2505

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8
Q

Subchapter B - Transfers (Gifts)

A

2511-2516; 2518-2519

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9
Q

Transfers in General (Gifts)

A

2511

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10
Q

Valuation of Gifts

A

2512
[Valued as of date gift made; donative intent not required]

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11
Q

Gift by Husband or Wife to a Third Party

A

2513
[Gift Splitting]

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12
Q

Powers of Appointment (Gifts)

A

2514

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13
Q

Treatment of Generation-Skipping Transfer Tax (Gifts)

A

2515

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14
Q

Certain Property Settlements (Gifts)

A

2516
[Relating to Divorce]

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15
Q

Disclaimers (Gifts)

A

2518

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16
Q

Dispositions of Certain Life Estates (Gifts)

A

2519

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17
Q

Subchapter C - Deductions (Gifts)

A

2522-2524

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18
Q

Charitable and Similar Gifts (Deduction)

A

2522

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19
Q

Gift to Spouse (Deduction)

A

2523

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20
Q

Extent of Deductions (Gifts)

A

2524

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21
Q

Chapter 13 - Tax on Generation-Skipping Transfers

22
Q

Subchapter A - Tax Imposed (GST)

23
Q

Subchapter B - Generation - Skipping Transfers

24
Q

Tax Imposed (GST)

25
Q

Amount of Tax (GST)

26
Q

Liability for Tax (GST)

27
Q

Generation-Skipping Tax Defined

28
Q

Taxable Termination; Taxable Distribution; Direct Skip

29
Q

Skip Person and Non-Skip Person Defined

30
Q

Shenaniganry that warranted tax of taxable terminations (GST)

A

Wealthy Grantors creating trust that gave income to child for life, then grandchild for life, then great-grandchild for life, etc.

31
Q

When can a trust be a skip person?

A

When all interests in the trust are held by skip persons or if only skip persons can receive distributions.

32
Q

Subchapter F - Other Definitions and Special Rules (GST)

33
Q

Generation Assignment

34
Q

Other Definitions

35
Q

Taxation of Multiple Skips

36
Q

Special Rules

37
Q

Subchapter C - Taxable Amount (GST)

38
Q

Taxable Amount in Case of Taxable Distribution

39
Q

Taxable Amount in Case of Taxable Termination

40
Q

Taxable Amount in Case of Direct Skip

41
Q

Valuation (GST)

42
Q

Subchapter D - GST Exemption

43
Q

GST Exemption

44
Q

Special Rules for Allocation of GST Exemption

45
Q

Subchapter E - Applicable Rate; Inclusion Ratio

46
Q

Inclusivity/Exclusivity of the GST taxes?

A

Inclusive: Taxable Terminations and Taxable Distributions
Exclusive: Direct Skips

47
Q

Who pays the 3 GST taxes?

A

Direct Skip: Transferor
Taxable Termination: Trustee
Taxable Distribution: Transferee

48
Q

Is the definition of gift under the tax code broader or narrower than under the common law?

A

Broader. Generally, no dAonative intent is required under the tax code.

49
Q

What is a major exception to a deemed gift when consideration is inadequate?

A

An arms-length transaction in the ordinary course of business will not be a gift even if one side gets a bargain. Donative intent can come into play to determine whether it was a genuine arms-length transaction.

IRC Code Sections (30 decks)

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